The latest update from Ripple reveals that non-fungible token (NFT) activity on the XRP Ledger (XRPL) is experiencing a tremendous surge. According to Ripple’s quarterly report, over half of all NFTs minted on the XRPL since the release of the XLS-20 standard in 2022 occurred in the fourth quarter of 2023. This represents a staggering 400% increase compared to the previous quarter. Crypto analytics firm Messari further breaks down the data, stating that there were 3.4 million NFT mints on the XRPL in Q4, with total NFT transactions increasing by 170% quarter-on-quarter. Additionally, Ripple highlights that on-chain transactions on the XRPL rose by 34% and the number of wallets increased by over 30% during the same period.
In addition to the NFT surge, Ripple also announced a legal victory against the U.S. Securities and Exchange Commission (SEC). The SEC had filed a lawsuit against Ripple in late 2020, accusing the company of selling XRP as an unregistered security. However, last summer, a US District Judge ruled in favor of Ripple, stating that its automated, open-market sales of XRP did not constitute security offerings. The judge did acknowledge that Ripple’s direct sales of XRP to institutional buyers could be considered securities offerings. As a result, Ripple has made changes to its sales practices to comply with the court’s ruling.
Ripple expressed its commitment to compliance, ethics, and transparency, stating that it will continue to raise the bar in these areas and invest the necessary resources to ensure compliance with evolving laws. The company aims to align its sales of XRP with legal standards. It is worth noting that this information comes from The Daily Hodl, which advises readers to conduct their own research before engaging in high-risk investments and emphasizes that any losses incurred are the investor’s responsibility.
